Genmar Holdings files for bankruptcy - Business First of Columbus:

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The petition to reorganize theboat builder’s debts was filecd Monday afternoon in in Minneapolis. The filing includexs more than 20 ofthe company’sa subsidiaries, one of which is Murfreesboro-based Genmae Tennessee LLC. The company has a boat manufacturing and repair facility at theMurfreesborpo location. Genmar Tennessee has from 200 to 1,000 creditorsz and assets between $50,000 and $100,000. The Tennessew company’s filing lists about $750,000 in unsecurer debts owed to its 20 largest The parent company lists its assets in the rageof $10 million to $50 million and its liabilitiesa between $100 million and $500 million, according to courtr documents.
Genmar Holdings’ only secured creditors are and , accordin g to a story in the Minneapolis Star Genmar said it has received commitment fora debtor-in-possessionh financing proposal from both banks. In a Genmar’s largest shareholder, Chairman and CEO Irwin Jacobs says sales ofthe company’s fishing boats, luxury yachts and othert products started to decline in 2008, but worsened in recent The company’s sales in fiscap 2009, which ends in are likely to be about $460 off by more than 50 percentt from fiscal 2008, the company reports.
“If someonde would have said to me as recently as even one monthy ago that Genmar would someday be filingg forChapter 11, I would have said it was not even a remotde possibility,” Jacobs says. Genmar had been making some strategyg changes in recent months and recently announced plans to launch a lineof less-expensivre aluminum boats.